American utilities are going through the easiest natural-gas costs in years as they construct stockpiles for wintry weather. The rationale: Exporters are sending more gas than ever to nations starved for the gas.

Pipelines to Mexico and Canada and tankers touring to Europe and Asia have moved document quantities of U.S. fuel abroad this 12 months as portions of the world fall short of supplies. American frackers, in the meantime, are holding the line on new drilling as traders drive them to handle capital self-discipline and go back cash to shareholders.



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